Metro Atlanta Suburbs Lead in Housing Growth Over Urban Core
Monday, August 5th, 2024
Suburban and exurban housing markets have grown significantly faster than urban areas across the country, over the past decade. Atlanta has followed this trend, with a suburban boom leading to the construction of thousands of new homes, far outpacing the growth in the city's urban core.
This is one of the main findings from our latest research, which analyzed housing inventory expansions across nearly 4,100 American cities.
To understand what's driving this decade-long construction boom and its impact on local markets, we also examined home appreciation, population changes, shifts in remote work patterns, and the overall economic landscape.
Here are Atlanta's housing boomtowns, plus some additional highlights:
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Chamblee has become Atlanta's fastest-growing suburb in terms of housing. Over the past decade, the residential stock in this once-quiet suburb has doubled, while its population has increased by 106%. Affordability played a large part in Chamblee's explosive growth, considering home prices in this suburb growing just 65% over the past 10 years compared to 88% in nearby Atlanta. Braselton has also seen remarkable growth, with its total housing inventory rising from 2,939 units in 2013 to 5,236 units in 2022. Notably, nearly all of Braselton's multifamily housing stock was built within the last ten years.
What's driving exurb and suburban growth? Quality of life is a major factor behind the expansion, as families seek larger homes, safer communities, and better schools — even if it means paying a premium. The rise of remote work has also spurred demand for housing in suburban and rural areas, as people look for a better work-life balance away from congested urban centers. Holly Springs, for instance, has seen both its population and housing stock increase by 77% from 2013 to 2022. The town benefited significantly from the pandemic-driven exodus from downtown cores, with work-from-home rates rising by 196%.
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Suburban growth has applied upward pressure on house prices. The average house price in Clarkston expanded by almost 110% over the past decade, almost double the national growth rate.
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Major cities lag in development: Atlanta's housing inventory increased by only 14%.
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